Baldwin Insurance (BWIN) financial statements
Baldwin Insurance reported revenue of $1.5B in fiscal 2025, up 27.4% a year over 4 years.
Net income was -$34M.
Free cash flow was -$69M.
The diluted share count rose 150% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Baldwin Insurance's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $567M | $981M | $1.2B | $1.4B | $1.5B |
| Operating income | $10M | -$5M | -$22M | -$32M | -$31M | -$43M | $61M | $74M |
| Pre-tax income | $3M | -$22M | -$30M | -$58M | -$76M | -$163M | -$39M | -$52M |
| Income tax | $0 | $17,000 | -$5,000 | $19,000 | $715,000 | $1M | $2M | $2M |
| Net income | -$624,000 | -$9M | -$16M | -$31M | -$42M | -$90M | -$25M | -$34M |
| EPS (diluted) | — | — | -$0.58 | -$0.64 | -$0.74 | -$1.50 | -$0.39 | -$0.50 |
| Diluted shares | — | — | 27M | 48M | 57M | 60M | 63M | 68M |
| Operating margin | — | — | — | -5.6% | -3.2% | -3.5% | 4.4% | 4.9% |
| Net margin | — | — | — | -5.4% | -4.3% | -7.4% | -1.8% | -2.3% |
Balance sheet
Fiscal years, from Baldwin Insurance's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $8M | $68M | $108M | $138M | $118M | $116M | $90M | $124M |
| Receivables | $29M | $59M | $156M | $341M | $532M | $628M | $419M | $497M |
| Total current assets | $39M | $133M | $302M | $578M | $772M | $926M | $1.0B | $1.2B |
| Property, plant and equipment | $2M | $3M | $11M | $17M | $25M | $23M | $22M | $23M |
| Goodwill | $66M | $164M | $652M | $1.2B | $1.4B | $1.4B | $1.4B | $1.5B |
| Total assets | $140M | $399M | $1.5B | $2.9B | $3.5B | $3.5B | $3.5B | $3.9B |
| Total current liabilities | $33M | $73M | $217M | $541M | $699M | $1.0B | $1.1B | $1.0B |
| Long-term debt | $1M | $0 | — | — | — | — | — | — |
| Total liabilities | $117M | $161M | $760M | $1.7B | $2.3B | $2.5B | $2.5B | $2.8B |
| Shareholders' equity | -$64M | $73M | $368M | $608M | $608M | $560M | $583M | $600M |
| Net debt | -$6M | -$68M | -$104M | -$130M | -$110M | -$106M | -$82M | -$111M |
Cash flow
Fiscal years, from Baldwin Insurance's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12M | $12M | $37M | $40M | -$2M | $46,000 | $51M | -$29M |
| Capital spending | $525,000 | $2M | $5M | $5M | $22M | $21M | $41M | $40M |
| Free cash flow | $11M | $10M | $31M | $35M | -$24M | -$21M | $10M | -$69M |
| Stock-based compensation | $1M | $3M | $8M | $19M | $47M | $60M | $66M | $71M |
| Net borrowing | -$526,000 | -$204,000 | — | — | — | — | — | — |
| Free cash flow margin | — | — | — | 6.1% | -2.5% | -1.8% | 0.8% | -4.6% |
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Open BWIN in InvestinglyQuestions
What was Baldwin Insurance's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Baldwin Insurance generate?
-$69M in fiscal 2025 (operating cash flow minus capital spending).
From Baldwin Insurance's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.